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BlackBerry Ltd (BBRY) Just Acquired U.K.-based Encription Ltd

Blackberry ltd NASDAQ:BBRY

BlackBerry Ltd. just announced that it has bought Encription Ltd. The buy forms part of the tech firm’s strategy to grow it’s enterprise security services. Although BlackBerry is no longer the smartphone giant it once was, the firm has taken significant steps to ensure that it is still the best security provider for business. The company says the buyout will help kick-start its new digital security arm. It is called Professional Cybersecurity Services.

Blackberry ltd NASDAQ:BBRY

BlackBerry buys Encription Ltd

Encription Ltd is a U.K.-based digital security consultancy that operates in Worcestershire. The company serves high-end entities around the world. As a business, the prevention of digital security breaches is one that is highly lucrative. It is this market that BlackBerry wants more of.

BlackBerry Ltd. states that, globally, cybersecurity consulting pulls in an estimated $16.5 billion annually. That number is expected to rise to a yearly $23 billion by 2019.

“Cybersecurity consulting represents a natural market for BlackBerry since it already securely manages hundreds of mobile endpoints…” the company stated.

Reports estimate that digital security breaches can cost well over $400 billion a year for businesses, organizations and private people as a whole. This is obviously the opportunity market that BlackBerry seeks to take advantage of.

BlackBerry failed to disclose any details about the terms of the buyout. However, the company did say that its adoption of Encription Ltd was finalized on the 19th of Feb.

BlackBerry can hit the ground running

The new acquisition should provide the Ontorio-based tech firm with a much needed boost to its business. On its own, BlackBery is nearing the most it can exploit from providing security to financial, health-care, military and government markets. Getting around a financial brick wall is tough, but can easily be done by taking on businesses with a similar clientele. This is where Encription comes in as the foundation of its new Professional Cybersecurity Services unit.

CEO John Chen had this to say about the new venture:

“We’re always evolving to maintain [a] high standard as the complexity of enterprise mobility and security increases. We recognize that security vulnerabilities are a top risk concern for public and private sector organizations alike. The creation of our Professional Cybersecurity Services and acquisition of Encription reinforces our commitment to providing customers the industry’s most secure mobility solutions and helping them to assess and mitigate risks.”

To date, BlackBerry Ltd has made a total of 29 acquisitions. These include many leaders in digital security like Secusmart, Watchdox and Good Technology. This latest adoption is less focused on tech, but rather on advising businesses on security risks and solutions. Encription Ltd will help BlackBerry hit the ground running in its new venture.

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